Business
Mystique Increases Production
Mystique Increases Production.
About this update from Abrasilver Resource Corp.
[{"type":"text","content":"\n\n\n\n\nCALGARY, Oct. 23 /CNW/ - Mystique Energy, Inc. (\"Mystique\") (MYS:TSX\nVenture) today announced that its present production rates are estimated to be\napproximately 350 barrels of oil equivalent per day (\"boepd\"), an increase of\n50% over the second quarter average production rate of 232 boepd. The present\nproduction split is 56% gas and 44% light oil and natural gas liquids (NGL's).\nThe new production is a result of Mystique's successful 2006 drilling program\nand Mystique will be adding additional production during the fourth quarter.\nThree additional wells have been completed and tested and will be placed\non production during the fourth quarter. Two of these wells are expected to be\ntied-in before mid-November and the third well is expected to be tied-in\ntowards the end of 2006. Production rates will be updated after these wells\ncome on stream.\nWith only one well remaining to be drilled pursuant to its farm-in\ncommitments, Mystique has curtailed further drilling operations for 2006 and\nis allocating all of its remaining 2006 capital budget towards placing the\nwells that were drilled during 2006 on production. During the year, Mystique\ndrilled nine gross (8.625 net) wells resulting in three (2.625 net) wells that\nare now on production, three (3.0 net) wells that have been completed, tested\nand waiting on tie-ins, two (2.0 net) wells that are waiting on\ncompletion/recompletions and one (1.0 net) well that was abandoned, for an\noverall success rate of 89%. Mystique was able to reduce the number of gross\nwells drilled from its original plans by maintaining a higher working interest\nin the wells , increasing its net participation. All of the wells were drilled\non farm-in lands in the Harmatten/Lochend/Bottrel/Wildcat Hills area located\nimmediately northwest of Calgary, Alberta.\n\"We are very excited to be reaping the benefits of our successful 2006\ndrilling program,\" said Vic Luhowy, President and Chief Executive Officer of\nMystique. \"We are presently formulating a development drilling program for\n2007 that will be based on exploiting the successful exploration wells that\nwere drilled during 2006.\"\n\nAbout Mystique\nBased in Calgary, Mystique is involved in the exploration and\nexploitation of petroleum reserves in western Canada.\n\nDisclaimers\nUse of the term barrels of oil equivalent \...